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    Tyler Burmeister • Craig-Hallum Capital Group LLC

    Tyler Burmeister's questions to Cohu Inc (COHU) leadership

    Tyler Burmeister's questions to Cohu Inc (COHU) leadership • Q1 2025

    Question

    Tyler Burmeister, on behalf of Christian Schwab, asked about the revenue levels the post-restructuring operating expense model can support. He also sought clarification on the Q1 tax benefit and future tax rate expectations, and finally, asked for an update on capital allocation priorities, including M&A and share buybacks.

    Answer

    CFO Jeffrey Jones detailed the OpEx model, stating that at a $100 million quarterly revenue level, OpEx should be around $47 million, rising to about $49 million at a $130 million revenue level. He explained the Q1 tax benefit was due to a tax loss and advised using a high effective tax rate of around 90% for modeling the second half of the year at near-breakeven profitability. Regarding capital allocation, Jones confirmed that M&A review is ongoing but that the share buyback is paused for Q2 after meeting the 2025 goal of offsetting equity dilution in Q1.

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    Tyler Burmeister's questions to Aehr Test Systems (AEHR) leadership

    Tyler Burmeister's questions to Aehr Test Systems (AEHR) leadership • Q3 2025

    Question

    Tyler Burmeister, on behalf of Christian Schwab, asked for color on which end markets are most affected by tariff uncertainty, the likelihood of shipping the full backlog within the quarter, and for a rank-ordering of future growth drivers between AI and a recovering silicon carbide market.

    Answer

    CEO Gayn Erickson explained that tariff uncertainty is more about customer geography and timing rather than specific markets, leading to the temporary withdrawal of near-term guidance due to potential shipment delays around the fiscal year-end, not a change in underlying demand. He detailed supply chain mitigation strategies like drop-shipping. For future growth, Erickson highlighted a strong outlook for fiscal 2026, expecting a recovery in silicon carbide, new production ramps in GaN and silicon photonics, and significant growth from both wafer-level and packaged part burn-in for AI processors, with flash memory being a longer-term opportunity.

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